Frequently Asked Questions for Fast Forwad Home Loan

This scheme is offered only under ‘floating rate’ option.

For loans greater than Rs. 30 lakhs & up to Rs.75 lakhs – 85% of Documented Cost or 80% of the Market Value (Whichever is Lower)
For loans above Rs. 75 lakhs – LTV up to 85% of the Documented cost or 75 % of the Market Value (Whichever is Lower)

The minimum tenure under this scheme is 20 years.

The maximum tenure under this scheme is 30 years for salaried and self-employed customers to the age of the borrower not exceeding 60 years or 65 years respectively at loan maturity.

• Application form with photograph of applicant & co-applicant Address, signature , age and identity of applicant / co-applicant
• Copy of PAN card of applicant /co-applicant
• 6 months bank statements from all current accounts (in case of sole proprietor / firm) & savings bank accounts(in case of individual).
• Business continuity proof for last 3 years and ITR/ Computation of Income/ Audited financials of applicant /co-applicant for 2 years in case of Self-employed customers.
• Last 3 salary slips and latest form 16 in case of salaried customers
• Processing fee cheque

The 'Fast Forward Home Loans' cannot be clubbed with the subvention scheme or any other scheme.

Yes, you can switch (if offered by the bank at the time of your request) to a lower interest under this scheme by paying the applicable charges. You will have the option to reduce the EMI or tenure as per your requirement. However, the switch option is available only under the ‘floating rate’ option. The option to convert the ‘floating rate’ to ‘fixed rate’ is not offered under this scheme.

Yes. You can make part prepayments under this scheme with complete flexibility. However, to be eligible under this scheme your loan must be live with us for at least 120 months from the date of first disbursement and part prepayments may result in tenure decrease of your loan if you opt for the same instead of EMI reduction.

Yes. However, on doing so your loan will be disqualified from the EMI waiver benefit offered as a part of this product.

Yes. Movement in the MCLR/Repo Rate in either direction may impact the EMI and/or tenure of your loan. Axis Bank based on its internal credit risk policy revises the EMI/tenure or a combination of both whenever there is a change in the base rate. Hence, there may be instances where your tenure may increase or decrease which thereby resulting in your loan crossing/falling below the minimum requirement of being live for 120 months and making your loan disqualified under the scheme. However, you can ensure that the impact is minimized by not making part prepayments which accelerate the loan tenure reduction.

Under this product, if the residual EMIs are less than 6 EMIs, then the residual tenure will be waived off. (subject to no other dues pending).

The waiver benefit will be given to you for only 5 EMIs. Under this product, if the residual EMIs are less than 6 EMIs, then the residual tenure will be waived off. (subject to no other dues pending)

Yes. The benefit passes on to you is in the form of reduction in tenure twice during the tenure of the loan on the completion of 10th and 15th year from the date of 1st disbursement. In case of any change in EMI amount due to prepayments or fluctuations in MCLR/Repo Rate, the EMIs existing at the time of waiver will be considered

No, you will not be allowed to do so.

No. As per the terms of the scheme, not more than 3 instances of a customer’s monthly dues pending for 30 days and above are permitted. Similarly, no payment due from the customer must be delayed for 90 days and above at any time during the life of the loan to be eligible under this scheme. Your payments have to Axis Bank have breached the above norms and hence you would not be eligible for the benefit under this product.

Yes. Post 120/180 months, if you are eligible for the benefits of the product, you shall be eligible for waiver of 6 EMIs.

Under this scheme, the EMI cycle will remain 5th of every month for all customers. No deviations will be permitted.

The minimum seasoning norm is computed from the date of first disbursement and not from the date of final disbursement.

We regret to inform you that we will not be able to extend the benefit to you under this scheme on account of the delay in your payments beyond 90 days which is a qualifying condition under this scheme.

Loan Application – Submit a completely filled application along with necessary documents
Loan Sanction – An approval for specific loan amount post necessary credit checks on the basis of financial eligibility
Legal & technical appraisal – Legal and technical appraisal of the property
Part Disbursement – Loan disbursement linked to the stage of construction for under construction property
Disbursement – Full Loan disbursal for the completed properties

An Equated Monthly Instalment (EMI) has 2 components: interest and principal. When the interest is calculated on monthly basis, the principal on which the interest is charged goes down every month. This results in significant savings for the customer over the tenure of the loan.

You may download the provisional certificate from our website under Home Loan section. Alternatively, you may apply for the same by submitting your application to your nearest Loan Center/Branch . The Final Interest certificate shall be mailed to your last known address once a year by the Bank

Axis Bank's PAN is AAACU2414K and its registered office address is Axis Bank Limited, TRISHUL, Third Floor, Opp. Samartheshwar Temple, Nr. Law Garden, Ellisbridge, Ahmedabad - 380 006

Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:

1. Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
2. Excess amount equal to (=) EMI: If service request (SR) / instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded to your operative account.
3. Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the Loan account for 15 days. Post 15 days, the excess funds shall be adjusted towards principal outstanding as a part payment.
4. Excess amount equal to (=) or greater than (>) foreclosure / pre-closure amount : In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account and:
1. Excess amount is equivalent (=) to the foreclosure amount, Loan account will be proactively closed by the Bank.
2. Excess amount is greater than (>) the foreclosure amount, adjustment in Loan account would be as follows:
1. If excess amount is up to INR 20,000, Loan account would be closed by the Bank and after closure, excess funds would be credited to the Loan repayment account.
2. If excess amount is greater than INR 20,000, the Bank will connect with you telephonically for verification of payment. Alternatively, you may connect with the Bank on 18604195555 to confirm the credit adjustment in your Loan account.
5. Excess amount less than (<) the foreclosure amount: In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account, then excess amount will be adjusted against the outstanding principal, leaving an amount equivalent to one EMI for forthcoming EMI presentation. However, in case you would like the entire amount to be adjusted against the outstanding principal, please place a request at Phone Banking / Loan Centre at the earliest.

Note: Part Payments can be done for EMI waiver product (Shubh Aarambh Home Loan / Fast Forward Home Loan). However, to be eligible under this scheme, your loan must be active with us for at least 48 months / 120 months respectively from the date of first disbursement.
Kindly ensure that the loan tenure does not fall below the specified tenure of 48 / 120 months. Any breach of the specified qualifying condition will result in disqualification from the EMI Waiver scheme.